BOTSWANA – Galileo Resources has finalised the acquisition of Africibum and its five prospecting licences in the North East Kalahari Copperbelt project in Botswana.
The transaction also includes two mining tenement applications that Africibum had submitted.
Galileo will issue 42 million fully paid ordinary shares to Africibum’s shareholders as well as warrants to buy more shares.
Additionally, Galileo will issue one of the seller’s seven-million shares related to reimbursement costs incurred by Africibum to date.
“I am very pleased that we have completed the acquisition of Africibum whose licences lie in an area of high perspectivity in the Kalahari Copper Belt”Colin Bird – Chief Executive Officer, Galileo Resources Plc
The transaction is valued at about US$374,818.
The licences are located about 15 km from the Boseto copper project and generally on trend with other known discoveries in the area, says Bird.
The company plans to take the project beyond its current conceptual stage and test for an extension of the open strike on one licence and update the geophysics on another licence.
“The acquisition completes the company’s Kalahari Copper Belt portfolio and we look forward to exploration in our expanded footprint in the Belt which is part of the Northwest Botswana Rift which the USGS in 2015 reported as the world’s most prospective area for yet-to-be-discovered sediment-hosted copper deposits,” Bird added.
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